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| Money and Payments Studies |
| Our economists research and analyze the performance of payment systems, policies related to the provision of payments and to the oversight of payment systems. |
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| Money and Payments Workshop The Federal Reserve Bank of New York will host a workshop organized on October 1, 2010. The purpose of the workshop is to bring together academics and central bank researchers to discuss new developments in monetary and payments economics. This year the workshop focuses on research motivated by the financial crisis. |
| RECENT ARTICLES |
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 Shadow BankingThis paper documents the institutional features of shadow banks, discusses their economic roles, and analyzes their relation to the traditional banking system. By Zoltan Pozsar, Tobias Adrian, Adam Ashcraft, and Hayley Boesky, Staff Reports 458, July 2010 |
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| State-Dependent Pricing under Infrequent Information: A Unified Framework The authors characterize optimal state-dependent pricing rules under various forms of infrequent information. In all models, infrequent price changes arise from the existence of a lump-sum "menu cost." We entertain various alternatives for the source and nature of infrequent information. By Marco Bonomo, Carlos Carvalho, and René Garcia, Staff Reports 455, June 2010 |
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 The Federal Reserve's Commercial Paper Funding FacilityThis paper documents aspects of the financial crisis relevant to the creation of the CPFF, reviews the operation of the CPFF, discusses use of the facility, and draws conclusions for lender-of-last-resort facilities in a market-based financial system. By Tobias Adrian, Karin Kimbrough, and Dina Marchioni, Economic Policy Review, Forthcoming |
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| Quantifying the Benefits of a Liquidity-Saving Mechanism This paper attempts to quantify the benefits associated with operating a liquidity-saving mechanism (LSM) in Fedwire, the large-value payment system of the Federal Reserve. By Enghin Atalay, Antoine Martin, and James McAndrews, Staff Reports 447, May 2010 |
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 The Federal Reserve’s Foreign Exchange Swap LinesThe authors describe the disruptions to dollar funding markets worldwide in 2007 and 2008, the initial structure of the swap line program, and the revision of that structure as the fi nancial crisis evolved. By Michael J. Fleming and Nicholas J. Klagge, Current Issues in Economics and Finance (16) 4, April 2010 |
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